NEW DELHI: Leading cement maker UltraTech Cement Ltd on Monday said it has plans to invest Rs 940 crore to increase the production of premium products for strengthening its position in eastern markets. The board of the Aditya Birla group has approved expansion of grinding capacities in Bihar and West Bengal and to open a grinding unit in Odisha.

"The board at its meeting held today approved capex of Rs 940 crore for making premium products with an increase in its grinding capacities in Bihar and West Bengal by 0.6 mtpa (million tons per annum) each and a new grinding unit of 2.2 million tonne in Odisha," UltraTech said in a statement.

All plants will be commissioned by the first quarter of 2021.

It further said, "This will further strengthen the company's position in the eastern markets".

UltraTech completed the acquisition of Century Textile's cement business, with the scheme of demerger becoming effective from October 1, 2019.

With this acquisition, UltraTech's cement manufacturing capacity stands augmented to 117.4 mtpa, including its overseas capacity, the company said.

Read also Ultratech appoints KK Maheshwari as non -executive VC Ultratech Cement's profit grows 72% to Rs 639 crore in Q2 FY20 "This makes UltraTech the third largest cement company in the world, outside China. It is also the only company in the world to have a capacity of over 100 million tonne in a single country, outside China," it added.

UltraTech Cement had acquired the Rajasthan-based firm (Binani Cement) in November, 2018 through its offer of Rs 7,950 crore. It had also acquired 21.2 mtpa cement capacity from Jaiprakash Associates in June, 2017.